Inecobank signed a loan agreement at USD10mln with Development Bank of Austria (OeEB) aimed at funding small and medium enterprise.

"Relations between Inecobank and OeEB Bank strengthened owing to the five-year loan agreement. I think the fact that Inecobank's opportunities in long-term funding broadened under the agreement remarkable. The main goal is to fund SME in Armenia", said Inecobank Executive Director Avetis Baloyan.

"We are glad to continue cooperation with Inecobank with which we have had reliable relations since 2011. I am sure the agreement will contribute to economic growth of Armenia. I think SME field important as a moving force for Armenia's economic growth", stated member of Board of OeEb Andrea Hagmann.

"Owing to effective cooperation with authoritative international institutions and customer-oriented policy over the past half-year, Inecobank registered 12% growth in SME loan portfolio", the bank reports.